Tag Archives: banking

Good news. No one wants to become a Wall Street banker anymore


That may seem snarky, but it’s true. Despite efforts by firms like JPMorgan hiking entry-level pay, it remains to be seen if it will be enough to attract young people to come and work with them. It’s true, many are not attracted to the extreme hours required to do the job. It’s more than that, though. As Bloomberg argues, the real reason

… isn’t only the hours. All the exciting work has been regulated within an inch of its life, leaving millennials and Gen-Z employees searching elsewhere.

And that is great news. It means regulation of banks is working. Sure the work is boring. Boring banking is stable banking. After the Great Recession of 2008, the last thing we need for a long time (i.e. eternity) is exciting banks.

Let the young people looking for exciting careers look elsewhere. Let them go join firms and fight climate change, pandemics, world inequality. Leave the people looking for stable jobs to go into banking. Everyone wins that way. Even the banks. (Ask the people who used to work at Lehmans if you disagree.)

(Photo by Sean Driscoll on Unsplash )

What companies mean when they say money is offshore

When you hear of companies like Apple having their money offshore, you might imagine piles of gold bullion or paper bills sitting in a physical bank somewhere in Switzerland or Ireland. More likely that money is residing in one of the big banks head-quartered somewhere in the United States. (For that matter, it is likely residing as so many numbers in a computer run by one of these banks and not piles of paper or gold.)

The Times and Slate explain it here: For U.S. Companies, Money ‘Offshore’ Means Manhattan – The New York Times and Offshore accounts not actually offshore.